Commodity Market Update

Precious Metals are trading lower today and fall further ahead of the FED chairman Ben Bernanke’s Speech at 7.30 pm today. Support comes into play at $1580 for Gold while for Silver it comes in at $27.10 and if prices break below this level, we may see further declines today. Base Metals are trading with a neutral tone presently and may move higher later into the evening. Energy prices are mixed with Crude Oil trading above $89.0 resistance and a close above it today may see prices move higher in the short term while Natural Gas is trading lower on NYMEX and should remain under pressure for the rest of the day.